Stifel Resumes Covenant Logistics Group Inc. (CVLG) at Hold
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Stifel analyst Joseph W. DeNardi resumes coverage on Covenant Logistics Group Inc. (NASDAQ: CVLG) with a Hold rating and a price target of $25.00.
The analyst comments "We are resuming coverage of Covenant Logistics Group, Inc. (CVLG) with a Hold rating and $25 target price. Covenant is a U.S. based provider of truckload services (asset-based and brokerage) that focuses primarily on dedicated and expedited freight moves. Covenant is likely to experience continued tailwinds buoyed by a favorable supply and demand setup. In recent years, Covenant has reduced its reliance on its expedited business and increased its dedicated, brokerage and warehousing offerings. We like the move to create a more durable earnings stream and think, over time, it will help improve the multiple if Covenant can stay ahead of the curve on the technology front. Today, however, dedicated remains a sizeable portion of the portfolio and has been under-performing on a combination of industry exposure, challenged contracts and rising wages. We don't believe these headwinds are going to resolve near-term and that could ultimately limit potential earnings upside."
Shares of Covenant Logistics Group Inc. closed at $20.15 yesterday.
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